Space-based data and analytics firm Spire Global Inc. seeks to go public through a definitive merger agreement with special purpose acquisition company NavSight Holdings Inc, according to a report.
- The combined company is valued at $1.6 billion post-money equity value and the transaction is expected to provide approximately $475 million of gross proceeds. This includes the contribution of up to $230 million of cash held in NavSight’s trust account.
- Stockholders of both Spire and Navsight, and private investment in public equity (PIPE) investors will hold shares in the combined company to be listed on the NYSE under the ticker symbol “SPIR”
- Spire collects space-based data through its proprietary multi-purpose nanosatellites “LEMUR” or low earth multi-use receiver.
- Spire stockholders will retain 100% of equity holdings in the combined company, and will hold approximately 67% of the fully diluted shares of common stock assuming no redemptions by NavSight’s existing public stockholders.
- The transaction is supported by a $245 million fully committed PIPE anchored by Tiger Global Management, BlackRock Advisors, Hedosophia, Jaws Estates Capital, and Bloom Tree Partners.
- Credit Suisse Securities LLC is acting as exclusive financial advisor and capital markets advisor to NavSight, and acted as lead placement agent. BofA Securities Inc. acted as placement agent in PIPE offering, and exclusive financial advisor to Spire.
NSH: Nyse is up 6.02%.